Petrol, diesel prices slashed

TNNJun 1, 2003, 01.21am IST

NEW DELHI: Prices of petrol and diesel have been reduced marginally between 0.10 paise and 0.12 paise per litre following the appreciation of the Indian rupee. The downward revision in the product prices follows despite a slight increase in the prices of crude in the Indian basket for the fortnight under consideration.

The reduction of around 0.10 paise to 0.11 paise per litre for petrol and around 0.10 paise per litre to 0.12 paise per litre in the case of diesel is as a result of the stronger rupee.

Appreciating rupee would mean that India, which is 70 per cent import dependant to meet its crude oil requirement, will have to pay less for its crude purchases. The average rupee purchase rate of dollar has fallen from Rs 47.28 for a dollar in first half of May to Rs 49.94 in the second fortnight.

Incidentally had it not been for the appreciation of the rupee, prices may have to be slightly inceased, sources said.

Petrol prices in Kolkata have been cut by Rs 0.10 to Rs 31.81 per litre while in Mumbai a litre of petrol would now cost Rs 35.14 as opposed to prevailing Rs 35.25.

Chennai saw a Re 0.11 per litre decrease in petrol prices to Rs 33.11. Diesel prices in Kolkata declined from Rs 20.57 to Rs 20.47 per litre. In Mumbai, the fall was of Rs 0.12 per litre to Rs 24.26 while in Chennai diesel prices slipped from Rs 21.38 per litre to Rs 21.27 per litre.